Developers offering lucrative deals to beat realty blues

Most of the schemes are however not typical discounts and are possession linked or payment plan linked and does not actually offer any reduction in property prices.Ankit Sharma | ETRealty | February 20, 2017, 19:57 IST

NEW DELHI: Normalcy is slowly returning in the residential real estate market post demonetisation. Although the sales have not picked up pace, queries have started to come. Real estate developers too have realised that it is a critical period and are coming up with various offers to give a slight nudge to home buyers.

Most of the schemes are however not typical discounts and are possession linked or payment plan linked and does not actually offer any reduction in property prices. “Developers across the country are working on tight margins, hence there is no room for price reduction,” says Deepak Kapoor, President, CREDAI Western UP.

Mumbai-based Omkar Realtors and Developers Pvt Ltd is offering home loan at just 4% interest rate along with a static floor price rise in one of its projects. The company has also introduced flexible payment plan with a booking amount of only Rs 2 lakh.

Another developer in the city, Ajmera Realty is also offering various schemes where buyers have to pay 0-30% initially and rest after possession.

Nirmal Lifestyle is charging no floor rise cost and no extra premium on booking apartments in its project.

NCR-based Supertech Limited has announced the introduction of ‘Rent reimbursement plan’ that means all bookings made during a limited period will be entitled to a monthly reimbursement towards rental expenses. The monthly reimbursement will be in place till the time of receiving possession of the booked property.

Benefits like free maintenance, free first transfer, and 0% processing fee on home loans are also among the offers being floated in the market currently.

Residential realty saw a 15-20% dip in sale volumes in Nov-Dec 2016 due to demonetisation. Both primary and secondary sales were impacted. Stakeholders are expecting that it will take some time for market to regain pace and such offers are being floated to bring back the fence-sitters. “We expect a normal market by the end of 2017,” hopes Kapoor.